World Acceptance relaxes credit covenants: fixed charge coverage floor to 2.00x, debt-to-net worth limit to 225%

WORLD ACCEPTANCE CORP

Net Income Available for Fixed Charges ratio lowered from 2.25:1 to 2.00:1 for quarters ending Mar 31, 2024 through Dec 31, 2024.
Total Debt to Consolidated Adjusted Net Worth covenant set at maximum 225% for remainder of credit agreement term.
Amendment clarifies Electronic Chattel Paper conditions for inclusion in Borrowing Base; must satisfy defined criteria.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

WORLD ACCEPTANCE CORP amended Twelfth Amendment with Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent (effective 2024-02-28).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent
Effective: 2024-02-28

Exact text from the filing

On February 28 th , 2024, World Acceptance Corporation (the “Company”) entered into the Twelfth Amendment to its Amended and Restated Revolving Credit Agreement (the “Twelfth Amendment”), among the Company, the lenders named therein, and Wells Fargo Bank, National Association, as Administrative Agent and Collateral Agent.

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Source: SEC EDGAR

accession 0000108385-24-000012

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